Petrol, diesel prices cut by 1 paise and not 60; companies state typo

With rapid increase in fuel prices in various parts of India, news of petrol and diesel prices being reduced by 60 paise had made headlines but was actually reduced by just 1 paisa a litre.

On Wednesday morning, oil companies had announced a reduction in petrol price by 60 paise a litre and diesel by 56 paise in Delhi. Within hours of the announcement, stating a printing error, they clarified that the cut is just 1 paisa a litre.

This minor reduction comes after 16 consecutive price increases since May 14. Fuel prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.